KeyBanc Capital Markets Inc., the corporate and investment banking unit of KeyCorp (NYSE:KEY), announced on November 3, 2026, that it has entered into a definitive agreement to acquire Atlantic-Pacific Capital, Inc., a private capital advisor for financial sponsors headquartered in New York.

Key Highlights

  • Definitive agreement signed: KeyBanc Capital Markets Inc. agreed to acquire Atlantic-Pacific Capital, Inc., which was founded in 1995 by Chairman James Manley.
  • Atlantic-Pacific's track record: According to the filing, the firm has executed more than 180 capital raising assignments aggregating over $123 billion since its founding.
  • Team size: The acquisition is expected to bring 30+ professionals to Key, with offices in New York, Stamford, Chicago, Los Angeles, San Francisco, San Juan, London, Barcelona, Dubai, and Hong Kong.
  • Expected closing: The transaction is subject to required regulatory approvals and customary closing conditions and is expected to close early 2027.
  • Advisors: KeyBanc Capital Markets is serving as exclusive financial advisor to KeyCorp, with Jones Day as transaction counsel; Solomon Partners is serving as exclusive financial advisor to Atlantic-Pacific Capital, with Blank Rome LLP as transaction counsel.
  • KeyCorp assets: According to the filing, KeyCorp held approximately $193 billion in assets as of September 30, 2026.

KeyCorp Expands Private Capital Advisory Through Atlantic-Pacific Acquisition

According to the announcement, KeyBanc Capital Markets Inc. has entered into a definitive agreement to acquire Atlantic-Pacific Capital, Inc., a firm the filing describes as "a premier private capital advisor for financial sponsors." Atlantic-Pacific offers fund placement, direct private placement, and secondary advisory services across private equity, real estate, private credit, and real assets. The firm was founded in 1995 by James Manley, who serves as Chairman, and is led as President and Chief Executive Officer by Raed Elkhatib.

The filing states that Atlantic-Pacific's "fully integrated fund placement and capital solutions team will enhance KeyCorp's ability to deliver its broad solution set to financial sponsors, while offering Key expanded advisory and capital raising capabilities." Randy Paine, identified as Head of KeyCorp's Institutional Bank, stated in the announcement that the acquisition positions Key "to participate in the expanding market for the creation of continuation vehicles." Paine also noted that Atlantic-Pacific Capital's "established relationships, global LP distribution, and secondary advisory expertise complement our deep industry expertise and existing investment banking capabilities."

Raed Elkhatib, President and CEO of Atlantic-Pacific Capital, stated in the filing that the combined platform would allow the firm to serve sponsors seeking a single partner capable of executing across fund raises, direct deal syndications, and continuation vehicles simultaneously. The filing notes that KeyBanc Capital Markets has more than 800 professionals across a national platform and has raised more than $125 billion of capital over the last twelve months for its clients.

What Was Disclosed

KeyCorp disclosed a definitive agreement for its KeyBanc Capital Markets unit to acquire Atlantic-Pacific Capital, Inc. The deal is subject to regulatory approvals and customary closing conditions, with closing expected in early 2027. Financial terms were not disclosed in the filing.